History of Gautam Adani in Timeline
Gautam Shantilal Adani is an Indian billionaire businessman. He is the chairman and founder of Adani Group, a multinational company involved in port development and operations in India. His net worth is estimated to be $86.7 billion as of November 16, 2024, making him the second richest person in Asia and 18th richest in the world. In 2022, he was listed by Times Magazine as one of the 100 most influential people in the world.
June 1962: Birth of Gautam Adani
Gautam Adani was born in June 1962 in Ahmedabad, Gujarat, India to Shantilal and Shantaben Adani.
June 1962: Family Background
Gautam Adani was born in June 1962 into a Gujarati Jain family. His parents, Shantilal and Shantaben Adani, were originally from Tharad, Gujarat, and his father was a textile merchant.
1978: Move to Mumbai
In 1978, Gautam Adani moved to Mumbai to work as a diamond sorter.
1981: Entry into Plastics Business
In 1981, Gautam Adani began managing a plastics unit in Ahmedabad, owned by his brother, marking his entry into the business world.
1985: Start of Imports
Gautam Adani started importing primary polymers for small-scale industries in 1985.
1988: Establishment of Adani Exports
Adani Exports, later renamed Adani Enterprises, was established in 1988, initially dealing in agricultural and power commodities.
1991: Business Expansion
In 1991, following economic liberalization policies in India, Adani expanded his business into trading metals, textiles, and agro products.
1994: Mundra Port Outsourcing
In 1994, the Gujarat government announced the managerial outsourcing of Mundra Port.
1995: Establishment of First Jetty
Gautam Adani set up the first jetty at Mundra Port in 1995.
1995: Mundra Port Contract
In 1995, Gautam Adani secured the contract for the management of Mundra Port.
1996: Founding of Adani Power
Adani Power, the power business arm of the Adani Group, was founded in 1996.
January 1998: Kidnapping of Gautam Adani
In January 1998, Gautam Adani and his associate, Shantilal Patel, were reportedly kidnapped and held for ransom.
2002: Arrest and Cheating Complaint
In 2002, Gautam Adani was briefly arrested following a cheating complaint, which was later resolved.
2002: Formation of Resurgent Group of Gujarat (RGG)
In 2002, following criticism of Narendra Modi's handling of the Gujarat riots by the Confederation of Indian Industry (CII), Gautam Adani and other local businessmen formed a rival organization called the Resurgent Group of Gujarat (RGG). Adani served as the chairman of the group.
2006: Entry into Power Generation
Gautam Adani entered the power generation business in 2006.
November 2008: Adani's Presence During the 2008 Mumbai Terror Attacks
On November 26, 2008, Gautam Adani was having dinner at the Taj Mahal Palace Hotel in Mumbai when it was attacked by terrorists. Adani was in close proximity to the attackers but managed to escape unharmed by hiding in the hotel's kitchen and restroom.
2009: Acquisition of Abbot Point Port
Between 2009 and 2012, Adani acquired Abbot Point Port in Australia and the Carmichael coal mine in Queensland.
2012: SFIO Charge Sheet
In 2012, the Serious Fraud Investigation Office (SFIO) filed a charge sheet against Gautam Adani and others for cheating and criminal conspiracy related to share transactions.
2012: Allegations of Favoritism towards Adani by Narendra Modi
In 2012, an Indian government auditor accused then-Gujarat Chief Minister Narendra Modi of providing Adani and other businesspeople with low-cost fuel from a state-run gas company, raising concerns about cronyism and favoritism.
2012: Acquisition of Carmichael Coal Mine
In 2012, Gautam Adani acquired the Carmichael coal mine in Queensland, Australia.
May 2014: Discharge from SFIO Case
In May 2014, a Mumbai court discharged Adani and other accused in the SFIO case, a decision later overturned in 2020.
2018: Acquittal of Adani Kidnapping Suspects
In 2018, two former gangsters accused of kidnapping Gautam Adani and Shantilal Patel in 1998 were acquitted by an Indian court after Adani and Patel failed to appear for depositions despite multiple summons.
May 2020: World's Largest Solar Bid
In May 2020, Adani Green won the world's largest solar bid, worth US$6 billion, from the Solar Energy Corporation of India.
September 2020: Acquisition of Mumbai International Airport Stake
In September 2020, Adani acquired a 74% stake in Mumbai International Airport.
2020: Reversal of SFIO Case Discharge
In 2020, a Mumbai sessions court overturned the earlier discharge of Gautam Adani in the SFIO case.
February 2022: Asia's Richest Person
In February 2022, Gautam Adani became the richest person in Asia.
May 2022: Acquisition of Ambuja Cements and ACC
In May 2022, the Adani family acquired Ambuja Cements and its subsidiary ACC from Holcim Group for $10.5 billion.
August 2022: Bid for NDTV
In August 2022, Adani Group's AMNL unit announced its plan to acquire a majority stake in NDTV, raising concerns about editorial independence.
August 2022: Ranked 3rd Richest Globally
By August 2022, Gautam Adani was ranked the 3rd richest person in the world by Fortune.
December 2022: Control of NDTV
By December 2022, Adani was reported to control the largest shareholding in NDTV.
2022: Recognized as Influential
In 2022, Gautam Adani was included in the Times Magazine's list of the 100 most influential people in the world.
January 2023: Hindenburg Research Accusation
In January 2023, Adani Group was accused of stock manipulation and fraud by Hindenburg Research.
January 2023: Hindenburg Report and Stock Plunge
In January 2023, the Hindenburg Research report accusing Adani Group of stock manipulation led to a significant drop in the company's stock value.
February 2023: Cancellation of Adani Enterprises FPO
In February 2023, the follow-on public offering of Adani Enterprises was cancelled following the Hindenburg report and subsequent stock market reactions.
August 2023: OCCRP report on Adani Group stock manipulation
In August 2023, the Organised Crime and Corruption Reporting Project (OCCRP) published a report alleging that the Adani Group used individuals and front companies to manipulate its stock prices, bypassing Indian securities laws. The report identified two individuals, Nasser Ali Shaban Ahli and Chang Chung-Ling, as being involved in the scheme, handling hundreds of millions of dollars worth of Adani Group stock.
October 2023: Decline in Net Worth
By October 2023, Gautam Adani's net worth had declined by over 50% to an estimated US$54.2 billion, dropping him to 23rd place on the Forbes Real Time Billionaires list.
January 2024: Supreme Court Resolution
In January 2024, the Supreme Court of India resolved the Adani Group stocks dispute arising from the Hindenburg Research allegations, dismissing requests for further investigation.
November 2024: Ranked Among World's Richest
As of November 2024, Gautam Adani was ranked the 18th richest person in the world and the second richest in Asia, with a net worth of $86.7 billion.
November 2024: Indictment by US Authorities
On November 20, 2024, Gautam Adani was indicted by the U.S. Attorney's Office in Brooklyn, New York on charges of bribery and concealing the scheme from American investors.